Stocks Up What else is new
Stoxx 50 +1.9%, Dax +2.3% Mib +1.88%, Spoos following Europe +.5%,Nasdaq +.34% Russell +.86%
Optimism Continues regarding Economic bounce back This morning’s Final PMI readings out of Europe revised higher, Eurozone Unemployment better than Forecast, A key Driver of Risk , Dollar Index continues to drop, DXY lower again 5th consecutive day trading at prices last seen March 12th.Virus,protests don’t matter Stocks believe worse is behind us and Green Shoots are aplenty. Airline traffic +30 % in may from very Depressed levels (Reuters) Just Released ADP Number ,-2760 vs F/C -9000 A 3 standard deviation beat. No one going to believe it but number is trending higher indicating again the worst is behind us. China’s Caixin Services PMI beat expectations handily 55 vs f/c 47.3 adding more optimism to today’s trade.
10-year treasury yield been stuck between .54-.74$ range since April 15th market went from gas on to gas off in heartbeat. Talk yesterday of some stops above .70 % doesn’t look they have materialized.30 year yields in Eurozone all higher, Japan’s closed unchanged.
Crude oil down a bit as OPEC + members have failed to comply to allotted production cuts, even though Gold lower 3rd consecutive day watch 1701 a break could trigger some stops.
Economic calendar busy today ISM non-Manufacturing, factory orders and final Look at Markit Services PMI
